Ruble Heads for Third Monthly Gain to Dollar; BofA Says Buy OFZs
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The ruble headed for a third monthly gain as oil traded close to the highest level in more than four months. Bank of America Merrill Lynch analysts recommended buying Russian government ruble debt.
The currency was little changed against Bank Rossii’s target dollar-euro basket at 34.83, by 11.40 a.m. in Moscow. The ruble was steady at 30.0385 against the dollar, poised for a 1.2 percent advance this month and a 4.3 percent appreciation in the last three. The yield on government ruble debt due 2018 rose three basis points to 6.20 percent, paring its drop in the month to 33 basis points.